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BI India Bureau
06 Feb 2024, 16:53

Consumption loans take a breather in July-September 2023 period, even as delinquencies rise

Consumption loans take a breather in July-September 2023 period, even as delinquencies rise

Consumption loans take a breather in July-September 2023 period, even as delinquencies rise

India’s retail loan growth moderated in the second quarter of FY24, especially in consumption-led segments like credit cards, consumer durables, and personal loans. A report by TransUnion CIBIL Credit Market Indicator says that it’s because financial institutions tightened the supply of credit. Growth in home loan originations remained stagnant on a year on year basis overall. The reason being a 4% fall in the origination of loans under ₹35 lakh in Q4 of FY24. Those between ₹35-75 lakh grew by 8%, even as those over ₹75 lakh grew at a healthy rate of 23%.

SBI’s core business stays strong despite one-time hit on account of higher wage costs in Q3
Katya Naidu
05 Feb 2024, 13:18

SBI’s core business stays strong despite one-time hit on account of higher wage costs in Q3

India’s largest bank SBI saw its third quarter profits slip by 35.5% as it took a ₹7,100 exceptional charge. It provided for pension and gratuity liabilities as it reached an agreement with the unions for a 17% wage hike last November. These costs might flow into Q4 as well with a normalization expected only in FY25. Yet, the street is impressed with its asset quality improvement and business outlook.

Indian Bank Q3 profit surges 52% to ₹2,119 crore
24 Jan 2024, 16:15

Indian Bank Q3 profit surges 52% to ₹2,119 crore

The public sector Indian Bank on Wednesday reported a 52 per cent jump in net profit at Rs 2,119 crore in the December quarter, on the back of improvements in core income and a reduction in bad loans. The Chennai-based lender had earned a net profit of Rs 1,396 crore in the same quarter a year ago. The operating profit of the bank was almost flat at Rs 4,097 crore as against Rs 4,061 crore in December 2022.